Binance Coin price is in a bearish trend following the failure of the bulls to push the BCHUSD pair back above the EMAs.
Binance Coin Price Technical Analysis
On April 1, the price of Binance Coin (BNB) traded at $19 below the 12 and 26-day Exponential Moving Averages (EMAs).
The price of the coin rose above the $25 level. The market gained momentum until it reached the $40 price level but was resisted and the price declined to $28. On July 17, the bulls made an upward move and broke the 12-day EMA but met resistance at the 26-day EMA. The price fell below the EMAs and has continued to decline since then.
Today, September 19, Binance Coin price is trading at the $20 level at the time of writing.
On the downside, if the price continues its fall, the market will retest the lows of $19 and $18 price levels. On the upside, if the bulls break above the EMAs, the crypto’s price will rise and retest the $40 price level. Meanwhile, Binance Coin price is at the oversold region of the daily stochastic but below the 40% range. This indicates that the price is in the bearish momentum and a sell signal.
BNBUSD Price Short-term Analysis
On the 1-hour chart, BNBUSD price is in a bearish trend. The 12 and 26-day EMA are sloping downward. However, a bullish divergence is forming as the bulls are trying to propel the price above the EMAs. Meanwhile, the pair is trading at the daily stochastic in the overbought region and this indicates that price is in a bearish momentum and a sell signal.
- Resistance Levels: $25, $30, $40
- Support levels: $20, $19, $18
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.